“We plan to develop and deliver on the positions we have
taken,” Lund said today at a press conference in Stavanger.
“There’s no reason in my view to question our commitment to our
strategy. It remains firm and has broad support in the
management team and the board of directors.”

Broadcaster NRK quoted Lund on Aug. 21 as saying the
company may pull out of renewable energy.

Statoil plans to spend 350 million kroner ($56 million) on
work at the North Sea Dogger Bank offshore wind-energy project
in northeast England, the largest block in the U.K.’s $120
billion offshore wind-energy program.

The Stavanger-based company is also building a 315-megawatt
wind farm at Sheringham Shoal in the U.K. with Statkraft SF and
plans to build a demonstration site testing its “floating”
offshore wind turbines.

“For now our focus is first and foremost on implementing
Sheringham Shoal and to see if we, together with our partners,
can succeed in creating a profitable project at Doggerbank,”
Lund said in an interview, adding that he “would never
exclude” that the company may bid for more licenses in the next
four years.

“This business has to be subjected to the same
profitability criteria as the rest of our operations,” the
chief executive said. “Over time, the investments in renewable
have to be able to compete with investments we have in other
areas.”